27-6-10-1. "Accredited reinsurer"

IN Code § 27-6-10-1 (2019) (N/A)

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Sec. 1. (a) As used in this chapter, "accredited reinsurer" means an insurer that:

(1) files with the commissioner evidence of the insurer's submission to Indiana jurisdiction;

(2) submits to Indiana authority to examine the insurer's books and records;

(3) is:

(A) licensed to transact insurance or reinsurance in at least one (1) state; or

(B) in the case of a United States branch of an alien assuming insurer, entered through and licensed to transact insurance or reinsurance in at least one (1) state;

(4) files annually with the commissioner a copy of the insurer's annual statement filed with the insurance department of the insurer's state of domicile and a copy of the insurer's most recent audited financial statement; and

(5) demonstrates to the commissioner's satisfaction that the insurer:

(A) has adequate financial capacity to meet the insurer's reinsurance obligations; and

(B) is otherwise qualified to assume reinsurance from domestic insurers.

(b) An assuming insurer is considered to meet the requirement specified in subsection (a)(5) as of the time of the assuming insurer's application for accreditation if:

(1) the assuming insurer maintains a surplus as regards policyholders in an amount not less than twenty million dollars ($20,000,000); and

(2) the assuming insurer's accreditation has not been denied by the commissioner within ninety (90) days after submission of the assuming insurer's application.

As added by P.L.116-1994, SEC.54. Amended by P.L.81-2012, SEC.22.

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27-6-10-2. "Ceding insurer"